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LAN Airlines S.A. ("LAN" or "the Company") announced today that
Fitch Ratings has upgraded the Company's foreign currency rating to
'BBB' from 'BBB-', with a rating outlook of "Stable". This
classification confirms the Company as one of the few investment grade
airlines in the world.
A press release distributed today by Fitch Ratings stated that
this decision "reflects (the Company's) continued improvement in
operating results and credit protection measures from higher revenue
in both passenger and cargo businesses and non-fuel cost reductions".
Additionally, the rating reflects the Company's "strong business
position, low cost structure, fleet flexibility and adequate financial
profile".
"This upgrade by Fitch reflects the competitive advantages that
LAN has established over time, and confirms the Company's solid
financial situation, facilitating LAN's access to the international
financial markets," stated Alejandro de la Fuente, LAN Airline's Chief
Financial Officer.
About LAN
LAN Airlines is one of the leading airlines in Latin America.
"LAN" makes reference to the consolidated entity that includes LAN
Airlines, LAN Express, LAN Peru, LAN Ecuador, and LAN Argentina, as
well as LAN Cargo and its affiliates. The LAN Alliance serves 15
destinations in Chile, 12 destinations in Peru, nine destinations in
Argentina, two destinations in Ecuador, 13 destinations in other Latin
American countries and the Caribbean, three destinations in the United
States, two destinations in Europe and four destinations in the South
Pacific, as well as 52 additional international destinations through
its various code-share agreements. Currently, the LAN Alliance
operates 70 passenger aircraft and 10 dedicated freighters.
LAN Airlines is a member of oneworld (TM), the world's leading
global airline alliance. It has bilateral commercial agreements with
oneworld partners American Airlines, British Airways, Iberia and
Qantas, as well as with Alaska Airlines, AeroMexico, Mexicana, TAM,
Korean Air and JAL. For more information visit www.lan.com or
www.oneworldalliance.com.
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